Webcast about 3rd Quarter 2013 Results.

1. Operational and
Financial Results
3rd Quarter of 2013
Conference Call / Webcast
October 28th, 2013

2. DISCLAIMER
FORWARD-LOOKING STATEMENTS:
DISCLAIMER
The presentation may contain forward-looking statements about future
events within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are not based on historical facts and are not assurances of
future results. Such forward-looking statements merely reflect the
Company’s current views and estimates of future economic
circumstances, industry conditions, company performance and financial
results. Such terms as "anticipate", "believe", "expect", "forecast", "intend",
"plan", "project", "seek", "should", along with similar or analogous
expressions, are used to identify such forward-looking statements.
Readers are cautioned that these statements are only projections and may
differ materially from actual future results or events. Readers are referred
to the documents filed by the Company with the SEC, specifically the
Company’s most recent Annual Report on Form 20-F, which identify
important risk factors that could cause actual results to differ from those
contained in the forward-looking statements, including, among other
things, risks relating to general economic and business conditions,
including crude oil and other commodity prices, refining margins and
prevailing exchange rates, uncertainties inherent in making estimates of
our oil and gas reserves including recently discovered oil and gas
reserves, international and Brazilian political, economic and social
developments, receipt of governmental approvals and licenses and our
ability to obtain financing.
We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new
information or future events or for any other reason. Figures for
2013 on are estimates or targets.
All forward-looking statements are expressly qualified in their
entirety by this cautionary statement, and you should not place
reliance on any forward-looking statement contained in this
presentation.
NON-SEC COMPLIANT OIL AND GAS RESERVES:
CAUTIONARY STATEMENT FOR US INVESTORS
We present certain data in this presentation, such as oil and gas
resources, that we are not permitted to present in documents filed
with the United States Securities and Exchange Commission
(SEC) under new Subpart 1200 to Regulation S-K because such
terms do not qualify as proved, probable or possible reserves
under Rule 4-10(a) of Regulation S-X.
2

3. Petrobras: Oil and NGL Production in Brazil
As anticipated, 3Q13 production in line with 2Q13
2012
2013
FPSO Cid. São Paulo
3Q12
Average 1,904
Thousand bpd
(Sapinhoá)
Jan/5
2Q13
Average 1,931
3Q13
Average 1,924
2.300
2.250
FPSO Cidade de Itajaí
(Baúna)
2.200
2.150
2.100
2.050
2.000
2.110
FPSO Cid. Paraty
(Lula NE Pilot)
Jun/6
Feb/16
FPSO Cid. De Anchieta
2.098
(Baleia Azul)
Sep/10
2.032
1.993
1.961
1.989
1.950
1.900
1.960
1.968
1.940 1.928
1.940
1.843
1.965
1.979
1.920
1.924 1.892
1.846
1.979
1.908
1.888
1.850
50
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13
» Production similar to 2Q13.
» September production 3.7% higher than August, due to reduced intensity of programmed maintenance and incorporation of new producing wells.
» Lifting cost increased by 9.7% (from R$ 31.25/boe in the 2Q13 to R$ 34.28/boe in the 3Q13) due to FX variation, Collective Bargaining
Agreement, start up of FPSO Rio das Ostras (Espadarte EWT).
» E&P Net Income: R$ 11.6 billion in the 3Q13 x R$ 8.9 billion in the 2Q13, as a result of higher oil prices.
3

4. 2013 Production – Oil and NGL in Brazil
Conclusion of 6 new units in the 4Q13
2012
2013
FPSO Cid. São Paulo
3Q12
Average 1,904
Thousand bpd
(Sapinhoá)
Jan/5
2Q13
Average 1,931
3Q13
Average 1,924
4Q13
P-63 (Papa-Terra)
2.300
2.250
FPSO Cidade de Itajaí
(Baúna)
2.200
2.150
2.100
2.050
2.000
1.950
1.900
(Lula NE Pilot)
Jun/6
Feb/16
2.110
P-58 (Parque das Baleias)
FPSO Cid. Paraty
FPSO Cid. De Anchieta
2.098
(Baleia Azul)
P-55 (Roncador)
Sep/10
2.032
1.993
1.961
1.989
1.960
1.968
1.940 1.928
1.940
1.843
1.965
1.979
1.920
1.924 1.892
1.846
1.979
1.908
P-61 (Papa-Terra)
1.888
1.850
TAD (Papa-Terra) P-62 (Roncador)
50
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13
» 2H13 production will be lower than expected due to:
 P-63 / Papa-Terra: late identification of corals led to changes in the subsea arrangement;
 FPSO Cidade de São Paulo / Sapinhoá: Subsea 7 delay in building, delivering and installing the Decoupled Buoyancy
Supported Risers System (monobuoy); and
 Limited availability of PLSVs due to the difficulties of contracting in Brazil between 2010 and 2011, which has delayed well
connections.
»The reservoirs of producing fields have been performing above expectations. Natural Decline observed during the last 12 months
was below the projected range of 10-11%.
»The delivery of 6 new units in the 4Q13 will contribute to the sustained production growth during 2014.
4

5. PROEF: Program to Increase Operational Efficiency
65 kbpd gain in the 3Q13, 75% efficiency in UO-BC and 92% in UO-RIO
UO-BC: 3Q13
Oil + NGL
Production (kbpd)
UO-RIO: 3Q13
Operational
Efficiency (%)
Oil + NGL
Production (kbpd)
Operational
Efficiency (%)
+8,0 p.p.
+1,2 p.p.
+32 kbpd
+33kbpd
357
390
Without
PROEF
With
PROEF
66.9
Without
PROEF
74.9
840
With
PROEF
872
91.2
92.4
Without
PROEF
With
PROEF
Without
PROEF
With
PROEF
 Total expenditure of US$ 1.338 billion by Aug/13.
 Total expenditure of US$ 3.2 million by Aug/13.
 NPV of US$ 662 million; focus on recovering wells
and subsea systems.
 NPV of US$ 804 million; focus on management,
integrity improvement and optimization in the usage
of resources.
 Gain of 33 kbpd in the quarter.
 Gain of 32 kbpd in the quarter.
5

6. Libra Auction Result
Winning consortium comprised of companies with experience, skills and financial strength
Profit-oil to the government will be the minimum established under the bid terms: 41.65%.
CONSORTIUM
Petrobras (40%)
Shell Brasil (20%)
Total (20%)
CNPC (10%)
CNOOC (10%)
Albacora
Roncador
Marlim Leste
Marlim
6

7. Oil Products Production in Brazil
Monthly records in throughput (Jul/13) and in diesel and gasoline production (Aug/13)
Oil Products Output
Throughput and Utilization (%)
Refining Cost
(kbpd)
(R$/bbll)
(kbpd)
+5%
2,026
213
228
144
439
0%
2,138
203
245
146
100
88
501
92
108
+2,1%
2,128
211
239
134
97%
1,974
94
74
364
855
3Q12
+1,1%
2Q13
96%
2,102
2,072
436
382
1.666
1.690
+5%
+17%
512
1.611
802
99%
864
3Q13
Others
Jet Fuel
LPG
Fuel Oil
Naphtha
3Q12
Diesel
2Q13
3Q12
2Q13
3Q13
Gasoline
Utilization (%)
Imported Oil
3Q13
Domestic Oil
» Stable total output in 3Q13 vs 2Q13, with higher diesel and gasoline production.
» Higher volume of domestic oil throughput, despite lower total throughput resulting from scheduled maintenance in REDUC,
REVAP and REGAP in 3Q13.
» Higher refining cost in reais primarily due to the increase in personnel costs related to the Collective Bargaining Agreement.
7

8. Oil Products Sales in Brazil
Growth of 2% in 3Q13. Diesel consumption record
Oil Products Sales – Brazil
+3%
Others *
Fuel Oil
Jet Fuel
Naphtha
LPG
Gasoline
 Diesel: (+5%): Seasonal diesel consumption in 3rd quarter due to
agricultural and industrial activities.
+2%
kbpd bbl/d
2,350
2,372
2,422
212
201
210
169
232
233
569
583
172
170
3Q13 x 2Q13
 Gasoline: (+1%): Increase in light vehicles fleet in Brazil.
 Fuel Oil: (-31%): Lower thermoelectric demand comparing to 2Q13.
243
+1%
587
3Q13 x 3Q12
 Diesel: (+5%): Higher demand due to economic growth (especially retail)
and increase of sugar cane and corn harvest.
+5%
Diesel
3Q12
2Q13
 Gasoline: (+3%): Larger flex-fuel vehicles fleet, associated with gasoline
price advantages against ethanol in some states.
3Q13
(*) Others – Lubricants, Asphalt, Coke, Propene, Solvent, Benzene, Querosene e Intermediates.
8

9. Trade Balance of Oil and Oil Products
Higher diesel imports reduced the net balance
Exports
Imports
Balance
+0%
-27%
+17%
822
+12%
551
kbpd
148
28
3Q12
Oil
402
162
159
206
2Q13
Fuel Oil
334
385
359
375
38
827
708
166
3Q13
Others Oil Products
447
190
84
29
163
180
3Q12
2Q13
Gasoline
Diesel
68
13
+55%
238
28
+22%
227
3Q13
3T12
-262
-271
-9
-127
2T13
-284
-349
3Q12
2Q13
3T13
-64
-297
-425
3Q13
3Q13 x 2Q13
» Higher diesel imports to supply seasonal demand growth from agricultural and industrial activities.
» Oil export increase due to a larger availability of inventories built in 2Q13 to offset refinery maintenance in 3Q13.
» Downstream Net Income: -R$ 5.5 billion in 3Q13 x -2.5 billion in 2Q13, primarily due to higher differential with international
price, increased import volumes of oil products, particularly diesel, and higher oil acquisition price.
9

10. Domestic and International Price Comparison
Real devaluation and higher Brent price widened the price differential
Average Brazil Price* x Average USGC Price**
1.100
Average Sales Price
USGC
1.000
Prices (R$/bbl)
900
800
Losses
210
700
Mar 6th
600
Jan 30th
180
Average Sales Price Brazil
Jun 25th
Jul 16th
500
Adjustments
400
Adjustments
150
300
200
120
100
Imported Volumes (Thousand bbl / d)
240
0
Jan/12 Feb/12 Mar/12 Apr/12 May/12 Jun/12 Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13
Exchange Rate (R$/US$)
Brent (US$/bbl)
+13%
+0,3%
2,03
110
110
2,07
Diesel Imports
+8%
+11%
2,29
Gasoline Imports
» Price differential increased in 3Q13 due to Real
devaluation (11%) and higher international oil prices
102
(+8% in Dollars).
3Q12
2Q13
3Q13
* Considers Diesel, Gasoline, LPG, Jet Fuel and Fuel Oil.
** USGC price with domestic market prices.
3Q12
2Q13
3Q13
10

11. Natural Gas Demand and Supply
Thermoelectric demand lower in 3Q13
SUPPLY
DEMAND
million m³/day
+18%
+18%
-6%
89.4
71.0
Non-thermoelectric
40.3
Thermoelectric
39,3
18.6
39.3
39,9
Downstream
E&P/Fertilizers
11,7
3Q12
-7%
71.5
39,6
37,0
38.0
38,6
90.1
83.6
32.1
40,2
41.4
84.1
40.9
39.6
Domestic
30.4
24.6
30.3
Bolivia
LNG
2Q13
3Q13
3Q12
2Q13
3Q13
» Thermoelectric demand reduced 16%, 3Q13 vs 2Q13 due to higher levels of water in hydroelectric reservoirs. Natural gas
thermoelectric generation remained in a high level of 5.7 GW average in 3Q13.
» Lower LNG demand.
» Net income of G&E: -R$ 0.2 billion in 3Q13 x R$ 0.6 billion in 2Q13, mainly due to lower generation volume and energy
price (PLD).
11

12. PROCOP: Monitoring of Outcomes – Jan to Sep/13
Accomplishment of R$ 4.8 billion, 122% of annual target of operating cost optimization
2013 Target: R$ 3.9 billion
Jan-Sep/13
Cost Savings Expected : R$ 2.8 billion (70%)
Cost Savings Accomplished : R$ 4.8 billion (122%)
280%
260%
Operational Execution (%)
240%
220%
200%
180%
160%
140%
120%
100%
100%
80%
60%
40%
20%
0%
Onshore Offshore
Production Production
Wells
Intervention
Support
Services
Exploration & Production
Plannec
Accomplished as planned or higher
Commercialization
Refining
Oil and Oil Products
Logistics
NG
Logistics
Administration
Fertilizers
And Support
ITC
Cenpes
HSE BR
Mngt
Building Mngt, PBio
Supplies
And Stocks
Downstream
Corporate
& Services
Gas & Energy
Attention points that can put the achievement of the annual target at risk
High risk of not achieving the annual target
Travels and
Lodging Liquigás
Engineering,
Technology
& Materials
BR, PBio
And Liquigás
Transpetro
12

13. Financial Highlights of 3rd Quarter
Operating Income
EBITDA
-36%
-39%
-9%
11,107
2Q13
14,375
3Q13
3Q12
18,091
2Q13
-45%
R$ million
-28%
R$ million
R$ million
-51%
3Q12
Net Income
13,091
3Q13
3Q12
2Q13
3Q13
» Lower 3Q13 Operating Income due to:
» Higher diesel imports, combined with a weaker Real and higher international prices for oil and oil products;
» Higher expenses with dry and subcommercial wells;
» Provisioning of personnel expenses related to the proposed Collective Bargaining Agreement 2013;
» Lower gains on asset sales.
» Lower operating income led to lower cash generation (EBITDA).
» 45% drop in net income due to lower operating profit, partially offset by lower net financial expense.
13

14. Operating Income – 2Q13 vs 3Q13
Results impacted by higher oil products imports, especially diesel
4,073
(6,196)
11,107
(2,967)
R$ million
(523)
5,494
2Q13
Operating Income
Sales Revenue
COGS
SG&A
Other Expenses
3Q13
Operating Income
» Increase in Sales Revenue due to higher domestic demand (+1%) and higher oil exports volume (+27%).
» COGS 11% higher than in 2Q13, mainly due to the higher share of imported oil products in the sales mix, especially diesel,
associated with exchange rate depreciation (+11%) and higher Brent price (+8%).
» Other Expenses affected by the provision of personnel expenses (Collective Bargaining Agreement), higher expenses related
to write-off of dry and subcommercial wells, and lower gains from asset sales.
14

15. Net Income – 2Q13 vs 3Q13
Lower than the previous quarter due to Operating Income
6,201
(5,613)
R$ million
842
2,531
2Q13
Net Income
Operational
Income
(669)
3,395
103
Financial
Earnings of
Result equity investments
Taxes
Minority
Interest
3Q13
Net Income
» 45% drop in net income due to lower operating profit, partially offset by financial results and taxes:
» Financial Results benefited from lower FX rate depreciation on net debt.
» Reduction in taxes due to lower income in the period.
15

16. Investments and Tracking Physical and Financial Progress
R$ 25.1 bi in 3Q13 and R$ 69.3 bi in 9M13
R$ 69.3 billion in investments during the 9M13, 16% up on 9M12.
When calculated in dollars, investments grew 5%.
9M13 investments by business segment
1% 1%
+16%
69.3
5%
6%
E&P
Downstream
International
R$ Billion
54%
35%
R$ 6,9 bi
32%
R$ 10,7 bi
G&P
55%
Corporate
Distribution
Biofuel
9M12
9M13
Tracking of physical and financial progress of 165 individual projects (S-curves):
97.7% of projected physical progress and 97.8% of projected financial progress completed.
16

17. Capital Structure
Increase in Net Debt in 3Q13
Net Debt/EBITDA 1
5,0
4,0
28%
31%
Net debt / Net Capitalization 2
31%
34%
40%
30%
20%
3,0
2,0
36%
2,42
3,05
2,77
2,32
2,57
10%
0%
1,0
-10%
0,0
-20%
3Q12
R$ Billion
4Q12
1Q13
09/30/13
2Q13
3Q13
06/30/13
Short-term Debt
18.2
18.2
Long-term Debt
232.7
230.8
Total Debt
250.9
249.0
provided by operating activities (R$ 14.4 bi) and
57.9
72.8
use of cash (R$ 19.6 bi) for investing activities.
193.0
176.3
86.5
79.6
(-) Cash and Cash Equivalents 3
= Net Debt
» Increase in net debt in 3Q13 due to lower cash
US$ Billion
Net Debt
1)
2)
3)
Net Debt / (adjusted EBITDA 9M13/3 x 4). Adjusted EBITDA= EBITDA excluding earnings of equity-accounted investments and impairments
Net debt / (Net Debt + Shareholders Equity)
Includes tradable securities maturing in more than 90 days
17

18. Operational and
Financial Results
Information:
Investor Relations
+55 21 3224-1510
investors@petrobras.com